Rob Copeland
Review via The Daily Beast
In public, Ray Dalio has all the markings of an icon. He built his hedge fund, Bridgewater Associates, into the largest in the world; he signed The Giving Pledge; he wrote a book about his principles (title: Principles) that sold millions of copies.
New York Times reporter Rob Copeland is here to shatter the illusion. On Tuesday, Copeland published a new biography, The Fund: Ray Dalio, Bridgewater Associates, and the Unraveling of a Wall Street Legend, which draws on interviews with hundreds of people in Dalio’s orbit.
Author Archives: James Picerno
International Stocks On Track To Trail US Equities In 2023
After world shares ex-US enjoyed a rare if unimpressive win over American shares in 2022 — by losing less — the odds don’t look encouraging for a repeat run of outperformance in 2023, based on a set of ETFs through Thursday’s close (Nov. 9).
Macro Briefing: 10 November 2023
* Congress has no plan to avoid a government shutdown on Nov. 17
* Powell says Fed ‘not confident’ it has done enough to tame inflation
* Global trade data suggests worst of downturn has passed
* Int’l diversification is worth a new look after a strong run for US markets
* China’s ICBC, world’s biggest bank, hit by cyberware attack
* US jobless claims tick down, holding near multi-decade low:
Still Looking For A Clear Risk-Off Signal In Markets
A review of market trends in early September suggested that the recent correction didn’t trigger a clear risk-off signal. Two months later, not much has changed, based on several ETF pairs that are proxies for various aspects of market sentiment via prices through yesterday’s close (Nov. 8). Markets are churning as various threats raise questions about the path ahead, but for the moment it’s still not obvious that investors are throwing in the towel on risk assets.
Macro Briefing: 9 November 2023
* US airstrike on site in Syria
* US and China finance ministers lay groundwork for Biden-Xi meeting
* China consumer prices fell in October, highlighting risk of deflation
* Will falling Treasury yields keep the Fed hawkish?
* US mortgage rates post biggest one-week drop in over a year
* US crude oil price continues to fall, trading at lowest since July:
US Q4 GDP Growth Still Appears Set For Substantial Slowdown
The red-hot economic growth in the third quarter remains on track to decelerate sharply in the final three months of the year, based on the median nowcast via a set of estimates compiled by CapitalSpectator.com.
Macro Briefing: 8 November 2023
* Banks report tighter lending standards
* IMF raises China GDP forecast for 2023 to +5.4%
* 20% of US offices vacant and WeWork bankruptcy won’t help
* If declining inflation continues, slide will be fastest in a century: Fed’s Goolsbee
* Why did so many economists fail to anticipate the recent disinflation?
* US crude oil prices fall below $78 a barrel–lowest since July
* US trade deficit deepened for first time in 3 months in September
* US credit card balances surged year over year in Q3:
US Economic Slowdown Watch: 07 November 2023
The third-quarter GDP report surprised most economists with a blow-out 4.9% gain. Is a downside reversal brewing for Q4?
Macro Briefing: 7 November 2023
* Israel to maintain security control in Gaza ‘indefinitely’: Netanyahu
* “Stock market’s correction is over,” advises Ed Yardeni at Yardeni Research
* Fed has more work to do to control inflation: Fed’s Kashkari
* China reports its first-ever foreign investment deficit in Q3
* South Korea bans short selling until June 2024
* US natural gas prices drops sharply on surging supply, mild weather
* Global economic activity stalls in October via global GDP proxy:
Will Revival Of The Peak-Rates Outlook Support Risk Assets?
Last week’s news that the Federal Reserve left interest rates steady, followed by a slower-than-expected rise in payrolls in October, revived animal spirits. Now comes the hard part: Was it noise, or does Friday’s broad-based rally signal a turning point in favor of the bulls?